Given that I have minimal equipment (levelling jacks, yes, jacks to get it high enough to work under it, no), what is involved and what will I need to buy. Or is this a "find a professional to do it" problem?
If you aren't comfortable doing the job, it is almost always better to hire it out, as doing an "I'll do it as best I can" quality job may be fine for some projects, but when sealing wood against water is involved, if you don't get it 100% right, there isn't much point in doing it.
That said, it isn't that hard.
As with any painting or sealing job, prep is the key.
If there is road grime and dirt on the wood, and wood/metal areas, nothing is going to stick for long if the surface isn't clean.
Once all is properly prepped, spray or brush on the coating.
Pay special attention to corners, edges, and other places that water and dirt can get trapped.
Anyone can apply a coating to a wide flat panel and do a decent job, but it is the corners and hard to reach/clean areas that will collect the dirt (mud) and thus need the most prep.
Hiring a pro to apply the coating is good, most pro's are very skilled at what they do, but the big question is are they skilled at prepping the underside of an old trailer...
Rob
Waiting for "someday" will leave you on your deathbed wondering why you didn't just rearrange your priorities and enjoy the time you had, instead of waiting for a "better" time to come along...